Ripple Enters US Spot Prime Brokerage Market
Ripple, the payments giant based on blockchain technology, has started digital asset spot prime brokerage services for the US nearly seven months after revealing the plan to acquire Hidden Road, a crypto-friendly prime broker. Ripple’s American institutional clients can now OTC spot trade in various cryptocurrencies due to this expansion.
According to Michael Higgins, the international CEO of Ripple Prime and former Hidden Road executive, the launch of OTC spot execution capabilities complements the existing suite of OTC and cleared derivatives services in digital assets, positioning Ripple to provide U.S. institutions with a comprehensive trading offering tailored to their strategies.
Ripple’s Prime Brokerage Capabilities Strengthened by Hidden Road Acquisition
Ripple’s October acquisition for $1.25 billion gives it the power to act as a multi-asset prime broker for crypto dealers. With this setup, Ripple can now offer:
- Cross-margin OTC spot transactions and holdings
- OTC swaps
- CME futures and options
These moves aim to provide US institutional clients with both spot and derivatives capabilities. Ripple also prepares for its annual Swell conference in New York City, signaling its continued focus on strengthening its presence in the US cryptocurrency market.
Nansen data shows that XRP has dropped by 5% in the last 24 hours, trading at $2.37, down from $2.50 at press time.
Also Read : Western Union Jumps Into Crypto — Launches Stablecoin Pilot to Revolutionize Global Remittances
Ripple’s Ongoing Political and Policy Engagement
Ripple CEO Brad Garlinghouse and other company leaders have been closely linked to US politics and policy circles. In October, Ripple representatives attended a White House fundraiser for a proposed $350 million ballroom originally announced by former President Donald Trump.
Ripple is also the backbone of political action committee Fairshake, which has helped elect pro-crypto candidates in the US elections of 2024. These efforts highlight Ripple’s commitment to expansion and regulatory engagement in the American cryptocurrency landscape.
